Do institutions matter in business strategy? – The changing focus of strategic management to institutions: a literature review

The post-crisis managerial literature emphasizes the roles of institutional factors in any disruption of the ecosystem of market capitalism and puts it in the middle of its analytical framework. It has become clear that nowadays, scientific discussions about the measure of increase of direct state involvement in certain economic areas has become more relevant. The socio-economic model based on market coordination was no doubt shaken by the crisis in 2008 across the world and inspired various representatives of the scientific and political community to revise their theses on coordination mechanisms that support the way out of an economic downturn. This paper intends to give a brief summary of the two leading strategic management approaches (Porter’s five forces and the resource-based view of the firm) on institutions. The author’s aim is to demonstrate that incorporation of the institution-based view into the mainstream theories can enrich the analytical framework of strategic management by providing deeper understanding of the contextual factors that underpin interactions between institutions and organizations.

Organizational ambidexterity as a new research paradigm in strategic management

Long-term survival and growth depends on the firm’s ability to exploit its current competencies while exploring fundamentally new ones. Finding the balance between exploration and exploitation is called ambidexterity in the literature. This paper is a comprehensive review of organizational ambidexterity theory. Creating and maintaining the capacity to simultaneously pursue these contradictory activities is an extremely difficult managerial challenge. Although, several aspects are well-researched, especially structural and leadership solutions in large, multinational enterprises, but little is known about: (1) how ambidexterity forms in earlier growth stages? (2) What are the key drivers and elements of organizational context that makes organizations able to become ambidextrous? (3) What is the role of different managerial levels in this formation process? Reviewing the literature, in this article the author would like to introduce the paradox of exploration and exploitation, the tensions and different aspects of ambidexterity, the fields current stage and some important research gaps.

Sustainability, creativity and innovation in project management – Model development for assessing organizational performance through projects

Today a number of studies are published on how organizational strategy is developed and how organizations contribute to local and regional development through the realization of these strategies. There are also many articles dealing with the success of a project by identifying the criteria and the factors that influence them. This article introduces the project-oriented strategic planning process that reveals how projects contribute to local and regional development and demonstrates the relationship between this approach and the regional competitiveness model as well as the KRAFT concept. There is a lot of research that focuses on sustainability in business. These studies argue that sustainability is very important to the success of a business in the future. The Project Excellence Model that analyses project success does not contain the sustainability criteria; the GPM P5 standard consists of sustainability components related either to the organizational level. To fill this gap a Project Sustainability Excellence Model (PSEM) was developed. The model was tested by interviews with managers of Hungarian for-profit and non-profit organizations. This paper introduces the PSEM and highlights the most important elements of the empirical analysis.